LONDON (dpa-AFX) - Glencore plc (GLCNF.PK, GLNCY.PK, GLEN.L) reported that its income before income taxes for the first half of 2017 was $2.87 billion, compared to loss of $698 million in the prior-year period.
Net income attributable to equity holders of the parent was $2.45 billion or $0.17 per share, compared to net loss of $369 million or $0.03 per share in the same period last year.
The results for the latest period was underpinned by higher prices for most commodities, resulting in margin expansion across the company's key industrial assets and its highly cash generative marketing business.
Adjusted EBITDA for the period rose 68 percent to $6.74 billion from $4.02 billion last year. Adjusted EBIT surged to $3.80 billion from $875 million a year ago. The increases were primarily driven by higher commodity prices.
Revenue for the period grew to $100.29 billion from $69.43 billion in the previous year.
Glencore's Chief Executive Officer, Ivan Glasenberg, said, 'As we look forward, the potential large-scale roll out of electric vehicles and energy storage systems looks set to unlock material new sources of demand for enabling underlying commodities, including copper, cobalt, zinc and nickel. Our portfolio of Tier 1 commodities underpins our ambition to create significant long-term value for Glencore shareholders.'
Copyright RTT News/dpa-AFX
© 2017 AFX News
